Investment Overview

Marcus & Millichap is pleased to offer for sale Sunshine Storage, located at 58521 Belleview Drive & 22035 Hwy 1, Plaquemine, Louisiana. Between the two locations, located about 3.2 miles apart, there is 69,970 NRSF broken down between 488 units which include 130 climate controlled units, 310 non-climate units and 48 covered and uncovered RV & boat spaces. The Belleview location ("Main") sits on 3.5 acres and the Hwy 1 location ("Annex") sits 3.98. Both have ample room to expand. Amenities at Sunshine Storage include a spacious retail office (at the main location), controlled access for security, perimeter fencing, paved drive aisles and ADA accommodations. Sunshine Storage also offers U-Haul trucks. As of June 2023, the Subject was 91% physically occupied and 84% economically occupied. As previously mentioned, there is room at both locations to expand. Based on a recent rent survey, it appears the market is highly occupied and there is only 7.10 square feet per person supply within 3-miles and 6.82 square feet per person of supply within 5-miles. Plaquemine, Louisiana is located in Iberville Parish, about 15 miles south of Baton Rouge. Iberville is situated in the industrial corridor hosting Dow Chemical Company, its largest employer with 2000 and 3000 jobs, Shintech, Georgia Gulf Corp. and other chemical industrial plants. Priced at $6,000,000, $85.75 per square foot, the buyer will be acquiring a mature, well maintained investment with the opportunity to expand, push rates and maximize revenue. The in-place cap rate is 7.59 percent but can realistically grow to 8.23 percent and generate cash flow of $145,853 or 8.10 percent leveraged return.